Itaú Unibanco Secures Preliminary OCC Approval for New US National Bank
Arnold & Porter advised Brazil's largest private-sector bank on obtaining preliminary conditional OCC approval to establish a new US national bank, a meaningful step for cross-border banking expansion.
Brazilian banking giant Itaú Unibanco S.A., the largest private-sector lender in Brazil and the largest bank in Latin America by market capitalization, has obtained preliminary conditional approval from the Office of the Comptroller of the Currency to organize a new national bank in the United States. The approval is preliminary and conditional, meaning Itaú will still need to satisfy outstanding conditions before a final charter and insurance are granted, but the conditional green light is a significant milestone for any foreign banking organization entering the US market via a de novo national bank charter. Cross-border bank formations draw scrutiny on capital, liquidity, governance, AML, and resolution planning, and OCC conditional approvals are often viewed as a strong signal of regulatory comfort on those fronts. Counsel should watch for the final approval, the planned scope of activities (including whether the new entity will take FDIC-insured deposits), and any parallel applications such as Federal Reserve membership or state-licensed affiliates. The matter also illustrates continued momentum by major Latin American banks seeking direct US franchises.